(6) HOW DOES CRYPTOCURRENCY AFFECT THE BANKS? In my own opinion, cryptocurrency have had a profound impact on traditional banking. By challenging the status quo and disrupting long-est abolish systems, their decentralized nature, cost advantages, and increased accessibility have implications for both individuals and financial institutions.
Ask yourself as a business man will you happy when new competition comes up?
Banks will traditionally be against anything that has the potential to affect their business. Traditional banks have been against even fintechs because they reduced their customer base, cryptocurrency has the ability to also affect the customer base of these banks that is why they are against it.
When we take it from a business perspective, we've got three choices. One is to make the system more effective than the competing one, and this isn't possible with the traditional banking system. The second choice is to get adopted by the technology, and many banking firms have begun to get used to BlockChain technology. The third is to add the services associated with cryptocurrency to the banks so that they can keep their customers even when the surroundings get flooded with cryptocurrency adoption. There is a saying that when competence is high, there'll be more business. This scenario is different with cryptocurrency because of the innovative technology, which needs to be understood beyond a business perspective.